Dollar Falls as Oil Eases, Yen Rallies on Japan Intervention Stance
The US dollar declined on Friday as oil prices eased, but was poised for a second consecutive weekly advance due to growing rate hike bets. The dollar index fell 0.34% and was on track for its biggest daily percentage drop in three weeks.
New orders for US-manufactured capital goods increased more than expected in August, and data for the prior month was revised sharply higher, pointing to another quarter of robust growth in business spending as part of artificial intelligence infrastructure is created. The euro was up 0.2% at $1.1402 but on pace for a third straight weekly decline.
The yen strengthened 1.09%, on pace to snap a four-day streak of declines, after Japan's Finance Minister Satsuki Katayama said US President Donald Trump raised concern about yen weakness during a summit with Japanese Prime Minister Sanae Takaichi earlier this week. Katayama said this reaffirmed the shared US-Japan stance behind July's joint intervention.